Mobile Carrier Telenor Quits Myanmar, Says Coup Makes Doing Business Its Way Impossible

Norwegian telco Telenor has quit Myanmar, selling its network there because the recent military coup has made it impossible to operate on its terms in the nation. The Register reports: A statement about the sale notes that Telenor had already written down the value of its Myanmar operation to $0. At the time of the write-down in May, Telenor valued the Myanmar assets at $780 million and said it would ponder its future presence in Myanmar depending on “developments in the country and the ability to contribute positively to the people of Myanmar” by offering “affordable mobile services [that] support the country’s development and growth.” Company president and CEO Sigve Brekke now rates conditions in the nation as “increasingly challenging for Telenor for people security, regulatory and compliance reasons.” “We have evaluated all options and believe a sale of the company is the best possible solution in this situation.” The carrier has therefore sold its operations to M1 Group for $105 million. M1 Group describes itself as “a holding company that owns, manages and oversees investments engaged in diversified businesses.” The group owns a stake in mobile carrier MTN, which operates mobile networks across Africa, the Middle East, and Afghanistan. Further reading: Myanmar’s Internet SuppressionRead more of this story at Slashdot.
Click here to read full news..